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NEW YORK -- Pessimism about the economy and corporate profits reasserted itself on Wall Street today, sending blue-chip stocks lower and limiting technology stock gains. Even the expectation that the Federal Reserve will cut interest rates again next week failed to cheer investors, who remain in a holding pattern because of worries that the economy is slowing too much. Dow off 69.54
Associated Press
"Investors are not going to put a lot into the market until they figure out where the economy is headed and how bad earnings will be for the first half of this year," said Jim Weiss, chief investment officer at State Street Research and Management.
The Dow Jones industrial average lost 69.54 at 10,659.98, nearly erasing its 82-point gain yesterday. The Nasdaq composite index rose 27.02 to 2,781.30. The Standard & Poor's 500 index fell 2.56 to 1,354.95. Decliners beat advancers by nearly 7 to 5 on the New York Stock Exchange, with 1,432 down, 1,398 up and 470 unchanged. Volume was 1.08 billion shares vs. 1.25 billion yesterday.
The NYSE composite index lost 2.86 to 655.51, the American Stock Exchange composite index gained 8.14 to 921.56 and the Russell 2000 index was off 0.32 at 498.68. The Treasury's 10-year note fell to 103 20/32; its yield rose 2 basis points to 5.26 percent. The 30-year bond fell 22/32 to 108; its yield rose 4 basis points to 5.64 percent.
Meanwhile, LM Ericsson, the world's third-largest mobil phone maker, said today it is getting out of the business of making phone handsets so it can concentrate on offering more advanced mobile phone systems.